Irish consumers are to spend over €25,000 a minute during Black Friday, with over €8,000 a minute being spent buying clothes online alone, a 232% increase in volume compared to a normal day. This equates to over 135,000 transactions on clothing websites throughout the day, or approximately two transactions every second.
This is according to new research from AIB which found that on a normal day, the number of online clothing transactions is a fraction of that, coming in at just 40,000. Black Friday this year will fall on the 26th November and Cyber Monday on 29th November. Men spend an average of €90 per clothing transaction on Black Friday, which is more than women who spend an average of €77 per transaction.
The data was compiled from over one million card transactions carried out by Irish consumers online during Black Friday 2020 and has been anonymised and aggregated. Clothing ranks first for consumer spending on Black Friday, followed by Electronics, Hardware, Health and Beauty and Jewellery. Consumers are expected to spend €4,400 a minute on Electronics during Black Friday, a 192% increase in spending compared to a normal day.
The busiest time for shopping online during Black Friday is between 11am – 12pm, with the second busiest time being just before that, 10am – 11am. Those between the age of 25 and 34 are most likely to shop online at midnight, hoping to grab a bargain before everyone else. The figures shows that Irish consumers are spending 150% more online during Black Friday when compared with Cyber Monday, which is often pitched as the ‘online shopping day for discounts’.
Commenting on the research, Head of SME Banking at AIB, John Brennan said, "Our data shows that consumers are increasingly choosing online when it comes to grabbing a bargain on Black Friday. While this ensures more choice for consumers, it’s also important to consider the impact that buying from abroad can have on the climate. Shopping locally where possible ensures we are minimising our carbon footprint. It also ensures we are supporting local Irish businesses who have invested in their online shopping services and have faced challenges over the past two years as a result of the pandemic."
Source: www.businessworld.ie
